Bank Stocks slip-ahead, Yes Bank Up

Banking stocks were trading in the downward trajectory on Thursday mid-session as inflation continued to spike in January & December factory output was lower than anticipated.

The Consumer Price Index or CPI-based retail inflation arrived at 7.35-pc for this January, while the Industrial Production Index or IIP dropped 0.3-pc in Dec 2019 v/s 2.5-pc in Dec 2018.

The Nifty popular Bank-index slipped 0.94 percent, Private Bank index dropped 1.40- and the Nifty Financial index dimmed 0.06 percent during noon session, while Nifty PSU banking index traded marginally higher by 0.48-pc.

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In the Nifty Bank index, IndusInd Bank dropped 2.67-pc, RBL Bank slipped 1.85-pc, ICICI Bank lowered 1.82 percent as major losers in the Nifty Bank index.

In addition, Axis-Bank, Federal-Bank, Kotak-Mahindra-Bank, HDFC Bank, Federal-Bank, HDFC-Bank, and IDFC-First-Bank dropped from 0.25 to 1.40 percent.

On the other hand, Yes Bank rose 7.24 percent, State Bank of India added 2.26 percent and Bank of Baroda rose 0.10 percent in the Nifty Bank index.

Yes Bank rose 6.5-pc to Rs 37.50-apiece today after the private lender reported that the Bank has received expressions of interest (EoI) from several investors in fundraising.

At 1.45-pm, the benchmark Nifty50 index stood at 41358, down by 207 points, while the Sensex traded at 41353-mark, down by 207 points. Among the fifty stocks in the Nifty index, 20 stocks are seen buying pressure, while the rest 30 stocks see selling.

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